Short Term Loans Explained

Short term loans have many different names, but they all essentially mean the same thing. Any loan under £2,000, taken for a short period of time, falls under the category ‘short term loan’. Short term loan lenders process and grant loans much quick than the banks. Due to this, help is provided if you have a particularly difficult month, financially. The ‘APR’ percentage is usually higher than a loan from the bank, and this is for a number of reasons. Short term loans are fast, efficient and convenient, and all of these reasons are factored into the interest figures. From the lender’s perspective, short term loans are high risk. As a consequence, the APR percentage is pretty high. Alternatively, you can apply via the banks, but their policies are much stricter. Furthermore, most banks do any offer loans under £1000.

Advice: When to take out a short term loan, and why.

Short term loans are there to step in as a ‘life saver’ when unexpected emergencies arise. Reacting faster to certain emergencies is crucial, depending on the circumstances. Short term loans for bad credit applicants are very useful if you need cash fast and you don’t have a high credit rating. Bare in mind though, you will spend more on interest, and is not a long-term solution to financial difficulties.

Can I get a short term loan, today?

Securing loans today for people on benefits is not always guaranteed, there is a process which the lenders follow that determines whether you are deemed too much of a risk, or you’re eligible for a short term loan. However, the chances are, if you’re accepted, the loan will be in your bank account within the hour.

Can Loanline secure ‘Instant short term loans’?

Many lenders and brokers will offer you instant short term loans. However, receiving a decision from certain lenders can take up to 24 hours.

How does Loanline work?

Loanline will scour the loan market, once you have completed the application form. You may notice the page loading for up to a couple of minutes once you have submitted your application. This does not mean the page has crashed. The lender, on the other hand, may take longer when it comes to granting your application for a short term loan. Further details may be requested from the lender, once you have been redirected to their website. Unfortunately, we have no control over any additional questions from the lender.

The dangers of short term loans

Short term loans should not be used as a mean of long-term financial solutions. Anyone struggling with money problems, should contact the Money Advice Service. Apply Now

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IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE
EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Credit is available to 18 years and over. All loans are subject to status. A short-term,
payday loan should be used for short-term financial needs only, not as a long-term financial
solution. Never borrow an
amount that cannot be repaid on your next pay period date. Missing repayments may have a
negative effect on your credit rating and make it more difficult for you to obtain credit in the
future.

The operator of this website is not a lender or short term loan provider and does not make loan
or credit decisions. We are a credit broker, providing loan matching services and help connect
consumers interested in
obtaining short-term payday loans, installment loans, guarantor loans and secured loans in
amounts between £100 and £3,000 with participating lenders or brokers in our network.

We do not charge you any fees to use our websites, services or products. Any commission received
by us is paid by participating lenders or brokers if you choose one of their products or for
referring you to them.

If you are matched with a participating lender or broker, you may be charged a fee directly by
the participating lender or broker. Please be sure to read their terms and conditions before
proceeding with any loan
arrangement.

We work exclusively with a selected group of lenders and brokers to offer you a range of credit
and loan products. We may receive a percentage of the loan amount as a commission from a loan
provider or broker if you
take out one of their products and/or we may receive a fee for introducing you to them.

You can request details of these commissions or fees, by emailing us. We will then provide you
with the precise amount of the commission or fee or, where that amount is not known, the likely
amount. Please note that
the lender or broker we direct you to may not offer the cheapest loan that is available to meet
your needs.